The global Plastic Bottle Recycling Market includes a proper study of various dynamics of the market that can inspire a holistic growth. Among the major factors helping in expanding the market boundaries, growing eco-awareness would play a dominating role. Innovation and rising engagement of companies in building a sustainable future are also going to help the market to form a proper growth trajectory. In addition, government initiatives will play a crucial role in supporting the growth of the market.
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The global plastic bottle recycling market has several segments as per the report published by MRFR. Expert MRFR analysts have identified changes in the market and measured various parameters to reveal segments. Figures fetched from this process would help in forming moves to ensure better growth. These segments are material and application.
By material, the global report containing details of the plastic bottle recycling market includes PET, PP, PVC, HDPE, and others. The plastic packaging segment is using the PET segment in several ways. The PVC segment finds proper application in the construction sector.
By application, the global market study on the plastic bottle recycling market includes segments like food beverage, personal care, pharmaceuticals, and others.
Avangard Innovative, Advanced Environmental Recycling Technologies, Recycle Clear, UltrePET, CarbonLITE, Phoenix Technologies International, National Recycling Technologies, Evergreen Plastics, Complete Recycling, ECO2 Plastics, Worldwide Recycler Services, and others are companies involved in strategic tussles to cement their own market position and inspire changes in the plastic bottle recycling market. MRFR analysts have traced all the recent changes inspired by these companies to get a hold of trends that are impacting the market outcome. Their methods often involve merger, acquisition, innovation, branding, launching, investment in research projects, tie-up, and others.
North America is taking some effective measures to make sure that the market stays on a proper growth track. The food and beverage industry is going to play a prominent role in ensuring such a move.
In August 2020, the American Beverage Association (ABA) declared that it took definitive actions to join the newly formed U.S. Plastics Pact as a Not-for-Profit Founding Activator. The role involves ABA’s participation in the process as a leader in the transition to the circular economy that includes plastics and sharing of its work with pact stakeholders to ensure an acceleration in the promotion. This undertaking is expected to support the beverage industry’s efforts to inspire solutions for a sustainable future that would safeguard the environment by keeping plastic out of it as much as possible.
In August 2020, Caltrans completed their work of repaving a section of Highway 162 in Oroville using recycled asphalt pavement and liquid plastic. These were made with single-use plastic bottles. This is also the first time when the department took such steps to pave a road using 100% recycled materials. The project included three lanes of a 1,000-foot highway segment and this step was to measure the testing of the material for later use throughout the state as a single mile of such a pavement will incorporate recycling of 150,000 plastic bottles. For the company, this step was a process to show their commitment to embracing innovative and cost-effective technologies.
During the COVID-19 crisis, projects got held up in several sectors and the chain of supply got disrupted, which inspired changes in the market. Some associated industries reported a drop in their profit share, which may have an impact on this market.
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